Smaller office spaces in Raleigh-Durham prove popular

– For new office deals in Raleigh-Durham since the start of 2023, small spaces are in high demand. Although spaces larger than 20,000 sf have experienced the highest leasing volume, they also have spent the most time on the market at 25.2 months.

– Spaces 5,000 sf and under had 24% less total leasing volume than spaces over 20,000 sf, but these smaller spaces only spent 6.7 months on the market. Spaces above 5,000 sf spend over a year on the market, and only increase in time spent as the size of the spaces increases.

– New deals are still happening in large office spaces in Raleigh-Durham, but if the space available is smaller than 5,000 sf, it is likely to lease a lot faster.